The U.S. Senate holds a cloture vote on the CLARITY Act on September 15, needing 60 votes to advance the crypto market structure bill. The White House is building an interactive tool to counter bank lobbyists' objections over stablecoins, while Senate Democrats have circulated a counterproposal. Coinbase CEO Brian Armstrong says he expects the bill to clear the threshold.
White House builds stablecoin tool to sway Republicans
The White House is stepping up its campaign to win Senate Republican support for the CLARITY Act, with stablecoin rules over bank deposits among the sticking points. Officials are developing an interactive website that lets users test scenarios on how stablecoins could affect bank deposits, answering criticism of an earlier Council of Economic Advisers report. White House crypto advisor Patrick Witt said the data does not support the deposit-flight narrative that bank lobbyists are pushing.
Senate Democrats circulate counterproposal
Senate Democrats have introduced an alternative plan for the CLARITY Act, adding uncertainty ahead of today's cloture vote. Sen. Mark Warner said Democrats who have been negotiating in good faith are sending a counterproposal.
However, a newer draft version added stricter ethics provisions aimed at President Donald Trump, and Democrats said the measures don't address the conflicts of interest they see. Sen. Raphael Warnock said Democrats shouldn't advance a bill that fails to address the opportunities for corruption they see happening in real time, per a PunchBowl News report cited by CoinGape.
Coinbase executives eye the 60-vote threshold
Coinbase CEO Brian Armstrong said he expects the bill to clear the Senate: "I'm pretty optimistic that we're going to get more than 60 votes." The cloture vote requires 60 votes to advance the bill to debate, not final passage.
Armstrong pointed to thousands of hours of bipartisan work behind the legislation. Coinbase Chief Policy Officer Faryar Shirzad said the bill faces a series of votes over roughly 10 days, and a successful first vote would put the legislation on track toward a final outcome.
Source: CoinGape
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